NEW to CANADA – programs for home ownership

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Here is an interesting post from a mortgage broker, who has lots of experience with newcomers to Calgary.

Of course , not everyone chooses to buy a home ,as soon as they arrive- some choosing to stay in ‘long’ stay hotel suites, others rent for a while until they are familiar with the city, others choose to rent indefinitely, but with the record low interest rates at the moment, many are taking advantage and choose to jump straight in to community living and so look in to buying as soon as they arrive.

Either way, as you will see,  there are many options there for you- and it helps to discuss your options with a  mortgage broker- as soon as you feel it is something you are contemplating.

I know from experience, that my guest mortgage broker, Gabrielle, is excellent at relaying the information you require , explaining your options and keeping you fully advised, whether you plan to buy now, 6 months or anytime in the future.

Here is her Aricle for people new to Canada and programs available for home ownership.

NEW to CANADA- programs for home ownership:

This program is designed to specifically meet the unique needs for those recently new to Canada, even if they:

• Do not have established credit or have no credit at all
• Are not Canadian citizen

A reminder that there no longer is a firm requirement that clients must have immigrated or relocated to Canada within the last 36 months to be considered for homeownership under this program with one exception:

• Those who are here under a valid working visa and wish to put down 5%

(after 36 months, a minimum of 10% down payment is required)

IMMEDIATE CRITERIA TO CONSIDER:

• Clients have to have valid work permit or
• Have landed immigrant status

Some highlights:

For purchase transactions

• 5% minimum down payment
• No maximum mortgage amount
• Maximum 2 units where at least one unit must be occupied as principal residence
• Mortgage is portable
• Mortgage is assumable
• Mortgages with full features are applicable
• Best market rates and terms including fixed and variable rates mortgages.
• Amortization options:
• LTV > 80% up to 30 years
• LTV < 80% up to 40 years
• NOT available for second/vacation homes or rental properties
• Other conditions apply

Please note that this program allows that each application be evaluated on its own merit. Please contact me if you wish to discuss a specific client or an opportunity so we can provide customized and file specific guidance.

Courtesy of Gabrielle Thome,  with Benefit Mortgage Brokers